No posts here in 2 and 1/2 years, so maybe I’m beating a dead horse. But here is my review of the Musician Audio Pegasus II.
Introduction:
Thanks to Arthur Power and Power Holdings Inc. for supplying the loaner DAC for this review. Power Holdings markets the full line of Musician Audio gear in the U.S. market.
- I received no compensation of any kind for posting this review.
The Musician Audio Pegasus II is a compact R2R/NOS DAC that retails for $1,099.00 in the U.S. The manufacturer described the Pegasus II as a sonic upgrade from the original Pegasus, which I never had the opportunity to audition. In past years there weren’t many NOS DACs available at or near this price point, but quality Chinese audio companies like Denafrips, Audio GD and Musician Audio have changed that. The Pegasus II is the next-to-least expensive of Musician Audio’s four NOS DACs.
Description:
The Pegasus II is compact unit measuring 10" x 10.5" x 2.75" (including 3 hard rubber feet). This DAC is heavier than I expected, probably due to its robust power supply that includes a large torroidal transformer. When I saw the 3 (not 4) rubber feet, I expected this component would be unstable, but was pleasantly surprised to find it was stable anywhere I placed it. The feet are tall and point enough to allow placement of the Pegasus II on top of other components without impairing air circulation beneath it.
This DAC uses a 24-bit R2R + FPG design with switchable oversampling (OS) and non-oversampling (NOS) modes on the front panel. Inputs are the usual suspects these days (it’s nice to find an I2S input at this price point);
- USB
- Coax
- Optical
- AES/BSU
- I2S via HDMI
Outputs include RCA (2.2v RMS) and XLR (3.55v RMS). Both outputs have somewhat lower voltages than usually found in high-end DACs these days. I, for one, appreciate this, as both my systems tend to suffer from excess gain issues at higher output voltages.
DSD64 (DoP) is available on all inputs; DSD1024 and PCM1535 upsampling are available on USB and I2S inputs.
The Pegasus II is one of that DACs that you cannot fully turn off. The centrally placed “Power” button on the front panel switches the unit from standby to on. When in standby, a tiny red light appears over the Start button; when the button is pressed. The small “NOS” button appears to the right of the Start button. When NOS is selected, another tiny red light appears to the right. The input selector button is to the left of the Power button, allowing the user to select any of the 5 outputs. When an input is selected, a tiny red light appears above it. All three lights are extremely faint, difficult to see. This is actually preferable to the glaring high-beams some manufacturers put on their components. In any case, it didn’t really matter since the Start button was all I used. I left the input and NOS lights as is (signifying NOS mode on).
I’ve been a big fan of multi-bit and NOS DACs for years. These designs completely upended and improved my long and (previously) troubled relationship with digital audio. NOS designs in particular sound more analog (and more like music) than any delta/sigma designs I’ve had. Currently I own 4 NOS DACs. The one most comparable to the Pegasus II in price and sonics is the Audio GD R2R-11 MK2, so in this brief review I focused on comparing the two DACs.
My Review Set-up:
A DDC (Matrix Audio X-SPDIF 3) receives USB from my Intel computer and feeds it to the DAC via a Transparent Audio digital coax cable. While this DDC and the Pegasus II have I2S capability, I don’t have yet have a cable or any familiarity with I2S, so all comparisons were conducted via digital coax. I listened to both the RCA and XLR outputs, as with some DACs, the SQ out of each can vary. All listening was done on my trusty OG V281, a headphone amp that is both resolving and unfailingly musical; the headphone used is the wonderful and very resolving ZMF Caldera Open (mantle mesh + lambskin thick pads) powered by the V281’s balanced output.
Note that the Audio GD DAC is an NOS-only unit that also can be used as a preamplifier and headphone amplifier. For this comparison I used only the DAC section with the fixed single-ended output. For the Pegasus II, I used only the NOS output mode, as this levels the playing field (and frankly NOS is the only output mode I care about).
The music genres I used in this review included R&B, funk, soul, electronic, and classical.
The Sound:
I found the sound of the Pegasus II quite pleasing. This is a well-voiced component, with no frequencies noticeably elevated or diminished. To me it does not sound noticeably warm or cold. All the tonal hallmarks of NOS sound are here:
- Notes are rounded and lifelike
- Harmonics are audible and realistic
- Transients are more natural, less sharpened than with the delta/sigma DACs I’ve heard
Music sounds more relaxed and realistic, lacking the typical distractions of delta sigma: the edgy, sharpened transients, steely violins in classical music, and bass notes that pound but seem insubstantial and two-dimensional
Like most NOS DACs I’ve heard, the Pegasus II trades drama and artificial excitement for musical realism, and that’s a tradeoff I always appreciate. This DAC’s soundstaging is competent, well executed, but not exceptional. At its relatively affordable price-point, the Pegasus II exemplifies the virtues of NOS digital. When you listen to it via a good headphone amp and headphones, the sound will please you. Music from the Pegasus II sounds like music should. It’s really that simple.
The overall tonal characteristics of the Pegasus II are similar to the Audio GD R2R-11 MK2; so are its dynamics, which are average to above average. However, these NOS DACs sound different in certain ways. The R2R-11 MK2 has a small but noticeable bass elevation from the upper bass on down. I often find this pleasing, but it is not accurate; the Pegasus II has no such elevation. The Pegasus II has a relaxed, controlled quality; it sounds smooth and natural. By contrast, the R2R-11 MK2 sometimes sounds a bit too smooth, with the upper treble pulled down slightly. The Pegasus II does neither of those things; its treble is more fully represented, while still being smooth and not calling attention to itself. Both DACs have pleasing sound, but in my opinion the Pegasus II is the more accurate of the two
I believe the sound quality of the Pegasus II fully justifies its price tag. This is not an entry level DAC. Its sonics reach higher than that, and capably illustrate the musicality and listenability that drew me to NOS digital in the first place.
XLR output vs single-ended output:
My characterizations of the Pegasus II’s sound above concerned the single-ended output. My final step in listening was to switch to its XLR outputs.
Surprise! The balanced output of this DAC definitely sounds different from, and better than, it single ended outputs. The differences weren’t all that subtle…they were easy to hear. The differences do not stem from tonal balance (with one exception), but from other things:
- Dynamics were clearly better via the balanced output. The measured, controlled sound I heard from the single-ended outputs suddenly became more exciting. Notes jumped.
- The soundstaging became wider and more dramatic. The Caldera Open will soundstage to infinity if given a chance, and suddenly, the Pegasus II gave it that chance. The soundstage became wider, taller, and a little deeper. The already pleasing sound became more pleasing.
- And this difference was rather subtle: music via the Pegasus II’s balanced outputs jumped a bit more in the upper midrange. It wasn’t exactly a tonal elevation or a spike. The upper midrange suddenly seemed more present and clear. This added to my enjoyment of the music.
When listening to the Pegasus II via single-ended outputs I never felt like I was missing dynamics or soundstaging. But when I switched to its balanced outputs, the sound was definitely more exciting and enveloping. I’m pretty sure this effect is not due to the V281, but the Pegasus II itself.
For anyone interested in getting the Pegasus II, my advice is simple: pair it with a balanced headphone amp to take advantage of the more dynamic sound from this DAC’s balanced outputs. If your amp only accepts single ended signal, you won’t be disappointed by what you hear, not at all. But balanced just takes it a little higher.
Conclusion:
I found the Musician Audio Pegasus II a solid, good sounding, relatively affordable DAC. If one spends a multiple of this DAC’s retail price, even better sound can be had. But at this price point, I think the Pegasus II is a very appealing choice of digital sources.
It and several other new and possibly significant products are coming, which Jason has been broadcasting on head-fi.